{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\6 Valuation\Valuation0_2.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}31 Oct 2025, 11:07:46
{txt}
{com}. /* Define local and global variables */
> 
> do global;
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Valuation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. do "../3 Estimation/global";
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Estimation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. global macro = "LgdpP LgdpPpc Gcpi vol drate";
{txt}
{com}. global bilateral = "dist";
{txt}
{com}. global dummies = "Iown I_CR I_OC Iyear_*";
{txt}
{com}. global dummiesA = "Itype_*";
{txt}
{com}. global iv = "IVexdemand";
{txt}
{com}. global ivA = "LSdelta*";
{txt}
{com}. 
{txt}end of do-file

{com}. global step_W = 1;
{txt}
{com}. global step_fx = .5;
{txt}
{com}. global step_mb = .5;
{txt}
{com}. global Nstep = 1e4;
{txt}
{com}. global Mgap = 1e-9;
{txt}
{com}. 
{txt}end of do-file

{com}. /* Call the ado file */
> 
> forval y = 2005/2006 {c -(};
{txt}  2{com}.         forval t = 1/3 {c -(};
{txt}  3{com}.                 Valuation 0 `y' `t';
{txt}  4{com}.         {c )-};
{txt}  5{com}. {c )-};
2005
0     1     1.048e-13     1.039e-13     8.882e-16
1     1707     3.975e-10     9.963e-10     2.470e-08
2     1239     3.988e-10     9.996e-10     2.478e-08
3     1514     3.983e-10     9.981e-10     2.460e-08
4     1433     3.997e-10     9.946e-10     2.448e-08
5     1354     4.017e-10     9.997e-10     2.451e-08
6     1366     4.008e-10     9.980e-10     2.447e-08
2005
0     1     8.704e-14     8.615e-14     4.441e-15
1     1641     3.985e-10     9.992e-10     2.409e-08
2     1144     3.987e-10     9.999e-10     2.411e-08
3     1372     3.991e-10     9.933e-10     2.439e-08
4     1451     3.916e-10     9.976e-10     2.467e-08
5     1360     3.911e-10     9.968e-10     2.466e-08
6     1201     3.916e-10     9.987e-10     2.472e-08
2005
0     1     1.217e-13     1.208e-13     2.665e-15
1     1125     3.999e-10     9.972e-10     2.394e-08
2     1151     4.004e-10     9.974e-10     2.385e-08
3     1362     3.910e-10     9.980e-10     2.262e-08
4     1209     3.997e-10     9.995e-10     2.229e-08
5     1003     3.962e-10     9.982e-10     2.207e-08
6     1153     3.936e-10     9.919e-10     2.192e-08
2006
0     1     6.040e-14     6.040e-14     4.441e-15
1     1508     3.928e-10     9.960e-10     2.305e-08
2     1146     3.919e-10     9.938e-10     2.299e-08
3     1320     3.910e-10     9.911e-10     2.273e-08
4     1275     3.945e-10     9.954e-10     2.278e-08
5     1365     3.932e-10     9.930e-10     2.257e-08
6     1130     3.944e-10     9.967e-10     2.276e-08
2006
0     1     8.260e-14     8.260e-14     4.441e-15
1     1560     3.917e-10     9.964e-10     2.294e-08
2     1112     3.922e-10     9.977e-10     2.297e-08
3     1302     3.919e-10     9.919e-10     2.327e-08
4     1377     3.848e-10     9.942e-10     2.345e-08
5     1271     3.872e-10     9.915e-10     2.362e-08
6     1159     3.899e-10     9.985e-10     2.380e-08
2006
0     1     8.260e-14     8.260e-14     6.217e-15
1     1079     3.917e-10     9.907e-10     2.256e-08
2     1152     3.955e-10     9.994e-10     2.269e-08
3     1211     3.849e-10     9.908e-10     2.163e-08
4     1163     3.947e-10     9.980e-10     2.160e-08
5     795     4.069e-10     9.900e-10     2.223e-08
6     1126     3.912e-10     9.955e-10     2.138e-08
{txt}
{com}. log close;
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\6 Valuation\Valuation0_2.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}31 Oct 2025, 12:33:59
{txt}{.-}
{smcl}
{txt}{sf}{ul off}